45:22-27 Disposition of proceeds, surplus.
147 words·~1 min read·
/nj/title-45/chapter-22/45-22-27A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The proceeds of such sale by public auction or private sale shall be applied for the purposes and in the order here specified; auctioneer's charges, if any; principal and interest of the loan; and a proportionate share of the expense of publishing any notice of the sale, as well as a proportionate share of other specified written or printed notice sent by mail, determined by dividing the total expense of such inclusive notice by the number of loans sold. The surplus, if any, shall be paid, upon proof of identification, to the pledgor or anyone else who would have been entitled to redeem the pledge if it had not been sold.
Notice of such surplus, if any, shall be mailed to the last known address of the pledgor, within thirty days after the sale. Amended 2001, c.388, s.5.45:22-31 Pawnbroker not to accept pledge from persons under 16.